REDMOND, Wash. (May 11, 2016) – KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, California, announced today the acquisition of the Westpark Portfolio, a 21-building, 778,472-square-foot property encompassing three office and industrial parks located adjacent to downtown Redmond, for $128 million. The three properties in the Westpark Portfolio include the following:
- Westpark Business Center: 14 two-story office buildings, totaling 580,104 square feet on 28.73 acres;
- Redmond Center Court: Two single-story industrial buildings totaling 77,492 square feet on 4.99 acres; and
- Pacific Business and Technology Center: Five flex buildings, totaling 120,876 square feet on 7.70 acres.
The Westpark portfolio is currently 82 percent leased, to a diverse roster of tenants representing numerous industries including media, manufacturing, IT services, wholesale, software and engineering. The surrounding area includes excellent infrastructure and amenities, as well as top name companies, including Microsoft, Nintendo, Intel, Xerox, and Play Network.
Properties in the portfolio are within minutes from downtown Redmond, Marymount Park and Redmond Transit Center with outstanding access to State Route 520/I-405. Redmond is one of the region’s growth centers and currently is home to nearly 6,000 residents and more than 10,000 jobs.
“The dynamic location of the Westpark Portfolio presents a compelling opportunity for KBS, and tenants will enjoy the live-work-play environment, mass-transit options and accessibility,” said Jeff Rader, senior vice president and asset manager at KBS. “Redmond is a thriving market catering to a young, well-educated workforce, and we are pleased to add this asset to the KBS Strategic Opportunity REIT portfolio.”
“We are looking forward to offering tenants an unparalleled office experience,” said Brian Ragsdale, executive vice president at KBS.
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.